Director Shareholding

Bellway PLC
20 January 2004

                     BELLWAY PLC - DIRECTORS' SHAREHOLDINGS

                               20TH JANUARY 2004

The company was yesterday informed that under the terms of the Bellway plc
Employee Share Trust (1992) and the Bellway plc (2004) Performance Share Plan
(arrangements used to reward directors and employees) the following directors
were yesterday conditionally awarded ordinary 12.5p shares in the company as
follows:

H C Dawe          -      55,639

J K Watson        -      47,368

P J Stoker        -      40,000

A M Leitch        -      31,579

                        174,586


The above Awards will vest only if performance targets, determined at the time
the Awards are made, are achieved over a stated time period (the 'Performance
Period'). The shares, which are existing shares, are to be held in the Bellway
plc Employee Share Trust (1992) until at least 20th January 2007.

The performance targets applying to this initial grant of awards will be based
on a comparison, over a three year period, of the total shareholder return of
the company, with the return achieved by a group of peer companies. If the total
shareholder return achieved by the company is sufficient to place it in the
upper quartile, Awards will vest in full. If it is sufficient to place the
company in the top half, the proportion of Awards that will vest will increase
on a straight line basis by reference to total shareholder return, from one
third of Awards where the company has a median ranking to full vesting where its
ranking would place it in the upper quartile.

The participating directors will, following the end of the relevant performance
period, be notified as to the extent to which performance targets have been
achieved and their Awards have vested. Provided that they remain directors or
employees of the company, they will then have up to six months following the
third anniversary of the date the Awards were made in which to secure the
release of the ordinary shares.

The performance period for the initial conditional allocation of shares is 1st
August 2003 to 31st July 2006.

The Bellway plc (2004) Performance Share Plan was approved by shareholders at
the Annual General Meeting of Bellway plc held in Newcastle upon Tyne on Friday
16th January 2004. Details of the scheme are contained in the Bellway plc Annual
Report and Accounts 2003 or are available from the Company Secretary at Bellway
plc.

Following the above awards, the total number of shares held in the Bellway plc
Employee Share Trust (1992) is 460,792 (0.41%). Of these, the executive
directors have a beneficial interest in 379,945 (0.34%) (205,359; 0.18%).

In addition each Bellway executive director has a potential further beneficial
interest in up to 80,847 (0.07%) (255,433: 0.23%) shares held in the Trust.

The other interests of the directors remain unchanged.


                      This information is provided by RNS
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